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A firm in a purely competitive industry is currently producing 1,000 units per day at a total cost of $450. If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day, its total cost would be $275.
What is the firm’s ATC per unit at each of these three levels of production?
If every firm in this industry has the same cost structure, is the industry in long-run competitive equilibrium?
From what you know about these firms cost structures, what is the highest possible price per unit that could exist as the market price in long-run equilibrium?
If that price ends up being the market price and if the normal rate of profit is 10 percent, then what will each firm’s accounting profit per unit be?
Real estate magnate Donald Trump once proposed a one-time tax of 14.25 percent on the net wealth of every American with more than $10 million. Would this be an efficient way to raise tax revenue? Why or why not?
Assume that a Pfizer has a linear demand curve for Lipitor, a constant marginal cost curve (i.e. the marginal cost is a constant), and is a monopolist in this market.
Assume an economy in which the level of tehnology and the stock of capital are fixed. If there is a sudden increase in the labor force due to immigration, how would the standard of living be affected? Would a difference if the increase in the labor f..
Where one the theoretical Production Possibility Frontier (PPF) do you think the US was on September 10, 2001? What happened thereafter? Support your answer with evidence such as unemployment rates, labor participation rates and information on invest..
In the monetarist model
Assume you have just been assigned to a project risk team composed of five members. Your task, as project manager, is to develop a process for handling risks to the project. Because this is the first time your organization has formally set up a risk ..
The production possibilities curve shows the:
A firm sells its product in a perfectly competitive market where other firms charge a price of $130 per unit. The firm’s total costs are C(Q) = 40 + 10Q + 2Q2. How much output should the firm produce in the short run...How many units?What price shoul..
Explain why marginal revenue is less than or equal to the price. How does the difference between price and the marginal revenue depend on the price elasticity of demand?
Which of the following statements correctly defines a demand curve?
The market for a standard-sized cardboard container consists of two firms: CompositeBox and Fiberboard. As the manager of CompositeBox, you enjoy a patented technology that permits your company to produce boxes faster and at a lower cost than Fiberbo..
If the interest rate is 8%, determine if the new column should be purchased. Solve by both present worth and annual cash flow analysis methods.
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